Tuesday, 17 July 2012

Barclays to leave UAE rate panel in 90 days - sources | Reuters

Barclays, hit by the Libor scandal in Britain, will leave the rate-setting panel for interbank lending in the United Arab Emirates after a mandatory 90-day notice period, as the hunt begins for a replacement, industry sources said on Tuesday.

The British-based lender had previously indicated to the UAE central bank that it wanted to quit the 12-member panel, whose quotes are used to set the Emirates interbank offered rate (Eibor).

The central bank and treasury officials from the panel members met on Tuesday to discuss Barclays' move, and concluded that the mandatory notice period would be enforced to allow the central bank time to find a replacement.

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